There are two types of board-CEO relationships in our industry—good relationships and bad relationships. At either end of that spectrum, revamping the CEO evaluation process could help your credit union step up its game.
Here are nine steps to take:
Start early. The evaluation process can take a couple months, but if you’re planning a major overhaul of your process, it’s best to allow for several additional months on the front end. Don’t wait until the first quarter to start planning last year’s evaluation (a survey each director will complete.) Instead, have the methodology and evaluation tool already in place by December so the CEO and board have a clear, shared understanding of expectations as a new year begins.
Consider forming a committee. A lot of details and possibilities must be scrutinized in developing a new approach to evaluations. Assigning three or four directors, especially board members who have HR expertise and/or experience with executive evaluations, to handle these front-end responsibilities and submit a plan to the full board may be the most efficient route.
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